The decision came as part of the Football Department's list management and review process in preparation for 2009.
Moody played 34 matches and kicked 14 goals with the Club since being drafted with selection No.23 in the 2003 AFL National Draft.
The 2006 AFL Rising Star Nominee has recently struggled with groin injuries that have limited him to only nine senior matches over the past two seasons.
The Lions would like to thank Matthew for his contribution to the Club and wish him well with his future endeavours.
